Last week, ground was broken at our first $126 million land lease project, Thrive Nirimba, located within our award-winning Aura community.
Kingsley Andrew, General Manager of Thrive Lifestyle Communities, joined Federal Member Andrew Wallace and members of the Thrive Nirimba project team to celebrate the official start of construction, which marks a major milestone for the $5 billion Aura community.
A pipeline of around 3,000 home sites has been identified nationally within our existing residential communities, with the first site at Aura comprising 244 homes and modern community facilities.
The new land lease communities model, which is designed for over-50s, enables customers to purchase their new home outright with no entry or exit fees, and pay a site rental fee which covers council rates, and includes access to community facilities for all homeowners.
Kingsley said: “Entering the land lease communities sector will allow us to further diversify our offering, with affordable homes architecturally designed for active over-50s who are keen to downsize their home and free up capital to enjoy their lifestyle.
“This new product will appeal to those looking to downsize or retire, and is perfect for people who want to enjoy the benefits of resort-style living, but who don’t see themselves living in a traditional retirement village.
“The cost of entry for a home in one of our Thrive communities will generally be around 20 per cent less than a comparable standalone house in the surrounding catchment – for instance, a home in our first release at Thrive Nirimba at Aura will be circa $100,000 less than the median house price of the surrounding suburbs. Buying into a Thrive community will allow homeowners to move into a high quality, personalised home with a cost effective ownership structure and peace of mind for their future.”
The hub of the Thrive community will be the clubhouse, where homeowners can enjoy a movie theatre, heated outdoor pool, gymnasium, pickleball courts, communal kitchen, alfresco entertaining areas and more.